Motor Vehicle Value Protection Agreements; Administration; Agreement to Be Provided

(a) A motor vehicle value protection agreement may be offered, sold, or provided to a borrower or lessor under this chapter. (b) A provider may use an administrator or other designee to be responsible for all or part of the administration of motor vehicle value protection agreements in compliance with this chapter. A provider may act as an administrator or retain the services of a third-party administrator. (c) A motor vehicle value protection agreement shall not be sold unless the contract holder is provided a copy of the agreement. (Act 2022-179, §2.)